Brazil & Argentina: World's best stock markets

Source: CNN MoneyBy: Patrick Gillespie03.07.2016

Brazil has a terrible economy...but its stock market is one of the world's best this year.

A comeback in commodities prices and a new round of corruption busters are driving Brazil's stock market rally. Its market index, Bovespa, is up 14.1% so far this year in dollar terms, second only to its neighbor, Argentina, which is up 14.7% so far in 2016.

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As for Argentina, the world's best stock market, its rally is fueled by the end of a debt battle with American bondholders, which will pave the way for Argentina's re-entry into the global capital markets after 15 years.

There's also a huge amount of optimism riding on its new president, Mauricio Macri, who is rewriting the country's economic playbook. Investors are hopeful that Macri's team will turn Argentina's stagnant economy in the right direction.